OPEC still hoping for rival’s help to revive oil prices: UAE

OPEC is still hoping that rival non-OPEC crude producers will cooperate by cutting output to boost slumping prices, the United Arab Emirates (UAE) oil minister said on Wednesday, November 14. "We hav

OPEC is still hoping that rival non-OPEC crude producers will cooperate by cutting output to boost slumping prices, the United Arab Emirates (UAE) oil minister said on Wednesday, November 14.

"We have to continue discussing with non OPEC countries," Obeid Bin Seif Al-Nasseri told reporters before a meeting of the 11-member cartel in Vienna. "We hope there will be a cooperation from non OPEC," he added.

The Organization of Petroleum Exporting Countries (OPEC) was expected to cut its production by 1.0-1.5 million barrels per day (bdp) at a meeting later on Wednesday, to boost prices which have slumped since September 11. But it has for weeks been lobbying non-OPEC producers such as Russia, Norway and Mexico to help it support prices which have slumped by 25 percent amid global recession fears.

Moscow announced on Monday a production cut of 30,000 barrels a day which was far below OPEC's hopes. Norway said bluntly it would not cut, while Mexico said it was studying the situation. Meanwhile Qatari Oil Minister Abdullah Al-Attiyah again warned of a price war if major non-OPEC producers to not come on board.

"The oil market is under a lot of pressure. The position of non-OPEC is not clear, and I think we should not push eachother into a price war," he said, adding: "Then everyone will be the loser." — (AFP, Vienna)